India is considered to be the second largest telecom market in the world yet industry leader Apple Inc. appeared to have ignored the region for the past few years, choosing to focus on the U.S. and Chinese markets instead.

However, a slowdown in its growth in these two primary markets seems to have led Apple to rethink its strategy and woo its Indian fans.

A spokesman for Apple announced on Wednesday that the smartphone maker has filed an application to India's Department of Industrial Policy and Promotion (DIPP) to open its first retail stores in the country as well as to sell its products directly online.

Arvind Singhal, chairman and managing director of consulting firm Technopak, explained that Apple has largely ignored the Indian market for the last few decades.

"There was practically no interest from Apple in India," Singhal said.

"Even the product pricing in India was ridiculously high and Apple customers in India were getting their products from overseas and the company didn't care."

Singhal said that Apple's decision to launch stores in India means that it is serious about expanding into the country's telecom market. This could also lead the company to consider India's potential for product development and manufacturing.

According to the International Data Corp. (IDC), Apple currently owns 2 percent of the Indian telecom market. It faces stiff competition from the likes of Micromax Informatics Ltd., Xiaomi Corp. and Samsung Electronics Co.

Apple products are mostly sold through third party retailers such as Redington India Ltd. However, the company shares fell by as much as 9 percent during Wednesday's trading and is headed for the lowest levels it has had since September 2015.

Apple's own shares are down by as much as 8.2 percent in New York at the start of the year.

The smartphone maker's application to open Apple branded retail stores comes a few months after the Indian government relaxed its sourcing rules for foreign-owned companies that wish to market a single brand in the country.

Foreign businesses no longer have to acquire 30 percent of a certain product's inputs in India if they are selling goods considered as high technology.

Indian government's decision helped paved the way for Apple to submit its application.